Federal authorities, armed with search warrants, were at Caterpillar Inc. headquarters in Peoria and three central IL facilities Thursday. "Caterpillar is cooperating", Caterpillar spokeswoman Corrie Scott said in a statement. Caterpillar also scrapped plans to build a new headquarters in downtown Peoria, which is located about 175 miles southwest of Chicago.
Caterpillar shares, which have risen 35% over the past 12-months year, were falling more than 5% in afternoon trading to $93.58.
Caterpillar has been subponaed a few times in recent years mainly regarding its relationships with U.S. and non-U.S. subsidaries.
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A spokesperson for the United State's Attorney's Office in Peoria confirmed that facilities being searched were in Peoria, East Peoria and Morton. S. subsidiaries and the movement of cash among U.S. and non-U.
Reports are that the IRS among other agencies were at the company's offices.
There was no word on what documents or information the federal officials were searching for. "However, we now believe that this matter will not have a material adverse effect on the Company's consolidated results of operations, financial position or liquidity", the company said in the disclosure. The company had been accused of using its affiliates overseas to shortchange the Internal Revenue Service out of $2.4 billion in taxes.